U.S. Economic Destruction Continues | PPG Industries plans to lay off about 1,800 employees amid efforts to cut costs

PPG Industries plans to lay off about 1,800 employees amid efforts to cut costs

Snippet of Article: "...PPG Industries plans to lay off about 1,800 employees amid efforts to cut costs, with the paints and coatings maker also inking a deal to sell a sizeable chunk of its architectural business. Pittsburgh-based PPG said Thursday that the job cuts would primarily impact positions in the U.S. and Europe. ...PPG's recent cuts also arrive amid an environment of poor home sales. Existing U.S. home sales slipped 2.5% in August, the latest month with data available, as prices increased on an annual basis for the 14th consecutive month. And the average rate on a 30-year mortgage surged to 6.32% last week, below 2024's peak of 7.22% in May."

Source: www.cbsnews.com

PPG Industries,layoffs,2024,Jobs,Employment,U.S. Economic Destruction,Destruction of America's working class,

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Fed Must Decide If Quarter-Point Cut Will Be Enough for Workers

Snippet of Article: "...The monthly jobs report Friday showed the pace of hiring in the US moderated over the last three months to the slowest since the onset of the pandemic in 2020. Even so, the numbers left investors skeptical as to whether Fed officials would opt for an outsize rate cut at their Sept. 17-18 meeting.

The release sets the table for a heated debate between those like Fed Chair Jerome Powell, who is open to a larger cut to ensure the central bank doesn’t fall behind the curve, and other officials who “are still waffling on a quarter point...

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Source: finance.yahoo.com

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How's the Economy Really Doing? | US regional banks face a reckoning

US regional banks face a reckoning

Snippet of Article: "The Fed wants to whip regional lenders into shape, fearing a ticking time bomb in the souring commercial real estate market...Michael Barr, shared the Federal Reserve’s direction of travel in a speech to the Columbia Law School annual banking conference in February. The writing is on the wall for regional banks: more scrutiny, more supervision, more rules. ...Given that regional bank chiefs had an easier ride under the Donald Trump administration, they must be crossing their fingers and toes that, come November 5, the White House turns from blue to red."

Source: www.thebanker.com

regional banks face a reckoning, Bank Crisis 2024, Skirting Dodd-Frank to Protect the Wealthy, Systemic Risk Exception, More Rules Are Useless Without Enforcement,

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What May consumer sentiment signals for the Fed: Strategist

Snippet of Article: "...When asked if the Fed cares about consumers' reaction to current inflation, Pinto states, "No, they clearly want it, below 3% and is close to two as possible. I think they're obviously tracking all the different metrics. I think wage inflation, from our vantage point, is one of the most important ones... Obviously, there are parts of inflation that are out of control of the Fed, whether it's energy prices or housing prices, those are more driven by externalities and cyclical factors. But the Fed is trying to manage the mandate between keeping inflation in check, but also keeping the economy on solid footing."..."

Source: finance.yahoo.com

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Federal Reserve: There is no need to adjust interest rates in the short term and the task of lowering inflation has not yet been completed

Snippet of Article: "...latest U.S. Consumer Price Index (CPI) data released on Wednesday, which showed a 0.4% increase in month-on-month inflation and a 3.5% rise compared to the previous year. Core CPI, which excludes volatile food and energy prices, also saw an increase of 0.4% month-on-month and 3.8% year-on-year. These figures exceeded market expectations and underscored the challenge faced by the Fed in managing inflationary pressures. The overall inflation rate of 3.5% is the highest level since ..."

Source: www.breakinglatest.news

Inflation,2024,Federal Reserve,Interest Rates,The Biden Years,Consumer Price Index (CPI),CPI,

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Federal Reserve believes we need more interest rate hikes

Snippet of Article: "Bowman’s position is resolute: the solution may well involve elevating interest rates and maintaining them at a more stringent level. ...data stream continues to show lackluster progress towards achieving the 2% inflation goal, Bowman has signaled her inclination to endorse an interest rate increase in the foreseeable future...."

Source: www.cryptopolitan.com

Inflation,Interest Rates,Federal Reserve,

Federal Reserve | ‘Significant’ Inflation Risk That May Merit More Hikes

Fed Saw ‘Significant’ Inflation Risk That May Merit More Hikes

Snippet of Article: "...Federal Reserve officials at their policy meeting in July largely remained concerned that inflation would fail to recede and that further interest-rate increases would be needed. At the same time, cracks in that consensus were also becoming more apparent. “Most participants continued to see significant upside risks to inflation, which could require further tightening of monetary policy..."

Source: www.bloomberg.com

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Today’s Bank Panic Has Alarming Historical Echoes

Snippet of Article: "The demise of three banks within just one week this month bears eerie resemblance to September 2007. ...By October 2008, the full-blown U.S. banking crises had hit European and U.K. banks, ultimately requiring the U.K. government to take majority-stake holdings in the Royal Bank of Scotland and HBOS. They were, effectively, nationalized. With that sequence of events in mind, now consider what has unfolded in the U.S. and Switzerland in recent days. ..."

Source: www.barrons.com

Bank Panic, Financial Crisis 2023,Biden Legacy,Fed Bank, Interest Rates,